Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.

The federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition.

Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.

Unfunded promises made for Medicare, Social Security and federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans account for much of the rest.

Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later.\n\nThe federal government does not follow the rule, so promises for Social Security and Medicare don't show up when the government reports its financial condition.\n\nBottom line: Taxpayers are now on the hook for a record \$59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to \$516,348 for every U.S. household. By comparison, U.S. households owe an average of \$112,043 for mortgages, car loans, credit cards and all other debt combined.\n\nUnfunded promises made for Medicare, Social Security and federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans account for much of the rest.